Technical analysis on Gold for May 17, 2018

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Gold price remains under pressure near the weekly lows. Medium-term support is very close and bulls would not like to break below as this would imply more downside towards $1,255 should be expected. I prefer to be a contrarian and be bullish at current levels but specially if we close the week and break above $1,300.

Red line -long-term resistance

Blue line - medium-term support

Green line - long-term support

Gold price is trading below the Ichimoku cloud. Trend is bearish for the short term but still bullish in the medium term. Gold price is at the trend line support and at the 61.8% Fibonacci retracement support of the rise from $1,237 to the 2018 highs. This is a highly probable turning point that we should not ignore. I'm conservatively bullish about Gold and will get more aggressive bullish on a break above $1,300.